China says U.S. trade talks 'laid foundation' to resolve concerns

President Donald Trump earlier expressed optimism in a tweet, exclaiming "Talks with China are going very well!".

The U.S. and China gave no indication of next steps after wrapping up mid-level talks in Beijing meant to resolve a tariff fight that threatens to chill global growth and further roil financial markets.

Yoon Jung-min has this report.

ANALYST'S TAKE: "While there was agreement on less thorny issues such as agriculture and energy, USA demands for verification and enforceable targets on intellectual property rights, transfer of technologies and non-tariff barriers may not be that easily addressed", DBS Group Research strategists Eugene Leow and Neel Gopalakrishnan said in a commentary.

The three-day talks that started Monday were the first face-to-face meetings since Trump and his Chinese counterpart, Xi Jinping, agreed December 1 to suspend further action against each other's imports for 90 days while they negotiate over US complaints that Beijing steals or pressures companies to hand over technology. He has publicly said he's eager to make a deal that benefits both sides while also stressing that China's slowing economy and falling stock market signal the country is more desperate than the USA for a speedy outcome. The statement said that the participants in the Beijing meetings discussed "ways to achieve fairness, reciprocity and balance in trade relations between our two countries".

Yoon Jung-min, Arirang News.

Such a move would likely prompt further retaliation by China, which has already levied tariffs on US goods, further rattling investors who are nervous about a significant slowdown in China's economy.

A statement released by China's Commerce Ministry on Thursday morning said both sides carried out "wide, deep and thorough exchanges" on trade and structural issues of mutual concern. "The US is very clear about China's stance". Even if a deal is reached by the end of next month, it will only be a temporary truce as it is China's emergence as the world's second largest economy, not its so-called unfair economic practices, that lies at the core of Washington's bitter opposition.

It's unclear from the U.S. statement how much headway negotiators made regarding USA concerns over forced technology transfers and cybertheft of trade secrets for commercial purposes. "Progress should include a mechanism for the removal of tariffs and measurable, commercially meaningful outcomes", the U.S.

Deputy U.S. Trade Representative Jeffrey Gerrish is leading the American delegation in Beijing.

Liu, the chief economic adviser to Chinese President Xi Jinping, made brief remarks at the negotiations, a person familiar with the meeting said. Such an agreement, indeed, was previously reached in May 2018, when U.S. Treasury Secretary Steven Mnuchin announced that the trade war had been put "on hold" thanks to China's pledge to "significantly increase purchases of United States goods and services". The US imposed tariffs on more than $250 billion worth of Chinese goods. He added: "It's been a good one for us".

"These issues are much more hard to solve immediately but are, frankly, much more compelling to US companies", said Jake Parker, vice president for China operations of the US-China Business Council, which represents American companies that do business with China. "Their economy is slowing much more than I think public data is showing right now", Leland Miller, CEO of China Beige Book, said on Bloomberg TV on Tuesday.

China's trade data for the full year of 2018 is due to be released on January 14, and economists see year-on-year export growth slowing in December from November. The Chinese Foreign Ministry said that details of the talks will be released "soon".

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